Economic Affairs and Revenue Secretary Tarun Bajaj has said India is better prepared to face the COVID-19 pandemic this year and the government won't address the challenge through lockdowns.
The government is expected to meet the revised revenue targets. But there are concerns now with the new wave of surge in Covid cases.
He further said, I don’t assume as a lot. This year we have been anticipating direct taxes to be hit rather a lot however as in comparison with final year, gross income might be decrease by solely 2-3 per cent, which is an efficient comeback. And this year we’re higher ready to face pandemic and aren’t going to deal with the problem by way of lockdowns, so the financial system retains functioning.
He also said that the inflation for the quarter ended March 31 would be lower than 6 percent. Bajaj added that the prices of fruits, vegetables, and proteins is coming down and they are closely watching the inflation figures in the coming quarters.Inflation pinches the poor much more than it pinches the rich. So, we need to keep a watch. Working along with the Reserve Bank of India (RBI), we should be able to keep it at a level which is tolerable,” he said.
On GST collections, Bajaj said that goods and services tax (GST) collections are showing a rise, indicating resilience of the economy. He also said that technology has helped in improving compliance and he expects Rs 1 lakh crore plus should become a norm rather than an exception.
